In 2017, bitcoin hit several all-time highs; which actually brought the attention of several government authorities both in caution and in giving the digital currency a second thought. This also brought in many traders to the scene and boosted the hopes of various bitcoin miners. In the later part of the year 2017, Bitcoin touched a record high of nearly $20,000!
As 2017 walked towards a close, there were many predictions by various cryptocurrency/bitcoin miners nay traders as regards to the outlook of bitcoin for 2018. Most of the predictions however, posited that bitcoin has a positive outlook for 2018. But the BIG question is, HOW POSITIVE HAS BITCOIN BEEN IN THE YEAR SO FAR?
The price of popular cryptocurrency, Bitcoin plunged 50 percent of its value in the first three months of 2018, according to Coindesk. A look back at the historical performance of the virtual currency shows that Bitcoin observed its biggest all-time fall quarterly drop in the third quarter of 2011. The digital currency declined 68 percent then, the data shows.
The cryptocurrency fell nearly 44 percent from the record highs of the later part of the last year in the month of March 2018. It has recorded $17,000 in January bringing about hopes of a new rally. However, as news about China, South Korea and the US planning stricter regulations on Bitcoin hit the stands, its prices plunged under $10,000. With social media giant Facebook coming out with a decision to ban advertisements of Bitcoin on its platform, the digital currency collapsed even more.
In the first week of February, the prices of Bitcoin fell below $6,000. However, by February 20, the virtual currency rallied to $11,700. Bitcoin was trading at $7,640.65 up 10.14% percent on Coindesk at the time of this publication.
With increased regulations in different parts of the world, investors are feeling unsure about making investments in the cryptocurrency.
However, like I pointed out in my previous publication on bitcoin. bitcoin is here to stay especially in this time where technology is king and everything is gradually moving towards an online world, bitcoin sounds like an attractive alternative to the fiat money that currently rules the world’s financial system.